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  James DiCenzo, Portfolio Manager, Senior Investment Advisor, IA Private Wealth

TFSA Contributions

Tax-Free Savings Account  (TFSA) Contributions
As of January 1, 2023, the Tax-Free Savings Account (TFSA) annual contribution limit is $6,500.

 TFSA Dollar Limits:
 2009: $5,000
2010: $5,000
2011: $5,000
2012: $5,000
2013: $5,500
2014: $5,500
2015: $10,000
2016: $5,500
2017: $5,500
2018: $5,500
2019: $6,000
2020: $6,000
2021: $6,000
2022: $6,000
​2023: $6,500
Click here to access more information on the TFSA at  Revenue Canada 
​Over the last decade, the TFSA has become a great place to grow your savings, as well as excess retirement earnings.  All interest, dividends and capital gains collected within your TFSA account are tax-free.  Unlike the RRSP/RRIF, you may continue to contribute to your TFSA even if you are drawing on your Registered Retirement Income Fund (RRIF).   If you need to withdraw funds from your TFSA, you may contribute any past withdrawals in the following calendar year.

Within your TFSA, any unused contribution room is carried forward to future years such that the cumulative limit for someone who has never contributed may be as high as $88,000. 

Always confirm with your contribution limits your local tax professional as well as your previous year's Revenue Canada Notice of Assessment. 
​

​Please note Revenue Canada makes regular changes and updates to Canada's tax laws and benefits. 

Always consult with your tax professional and/or refer to your Revenue Canada Notice of Assessment regarding the latest updates on your TFSA & Registered account contribution limits and withdrawals, as well as changes to tax benefits.   

If you have further questions and do not have access to a tax professional,
we can schedule a private meeting with a Chartered Professional Accountant (CPA) at your convenience.


If you have any questions, please let us know. 
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Photo by Ramiro Mendes on Unsplash
 James M. Di Cenzo  FCSI®  Portfolio Manager CIM®  | Senior Investment Advisor  | Telephone: 905-336-1364  or Toll Free: 866-336-1364 
Email:
James.DiCenzo@iaprivatewealth.ca
Burlington Main Office:  1001 Champlain Ave, Suite 201, Burlington, ON L7L 5Z4        Toronto Office:   26 Wellington St E, Suite 900, Toronto, ON M5E 1S2  

"If everyone is moving forward together, then success takes care of itself."  Henry Ford

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Feel free to contact us.   All personal consultations are completely confidential. 

This information has been prepared by James M. DiCenzo, Portfolio Manager | Senior Investment Advisor for iA Private Wealth (IAPW) and does not necessarily reflect the opinion of IAPW.  The information contained in this document comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability.  The opinions expressed are based on an analysis and interpretation dating from the time of publication and are subject to change.  Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned.  The information contained herein may not apply to all types of investors.  For more information about IAPW, please consult the official website at www.iaprivateweath.ca.   The Investment  Advisor can open accounts only in the provinces where he is  registered.   iA Private Wealth is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.  iA Private Wealth is a trademark and business name under which iA Private Wealth operates.
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